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With equity returns under strain, managers would do well to slow the pace of CLO issuance
Issuance has kept going by giving investors just what they want
John Healey resigned because the money was not there for defence. It may not be there for anything
Bifurcation is emerging in how investors treat the hyperscalers
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Even though it wasn’t technically a bail-in, the restructuring of Co-op Bank serves as an example for how to formulate a bondholder-driven bank rescue. The only problem is that the lessons we have learned are hard ones — that forcing losses on bondholders is fraught with difficulty, and that the Co-op template can only really work for small banks.
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The high yield market has a new risk: long-dated bonds. Unitymedia's daring €475m 15 year deal opened a new frontier for the high yield market. Bankers say not every company could issue that long, but you can bet they will think about trying to repeat the deal. Investors, however, should be on their guard.
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After record volumes in 2012, there were many CEEMEA bankers who doubted that their bond market could match such numbers this year. But there are compelling reasons to think that CEEMEA issuers are about to set a new record.
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A handful of Asian bond deals have been postponed in the past few weeks after they failed to attract enough investor demand, but that’s not a bad thing. It is this trial and error that will help provide much needed diversity to the universe of Asian bond issuers.
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Technology, especially IT, has long been the hunting ground for investors wanting to make a fortune by backing the next Microsoft, Apple or Google. That’s fine — but where fortunes can be made overnight, they can also be lost. And that should worry bondholders, who are supposed to be looking for long term, stable returns.
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Technology, especially IT, has long been the hunting ground for investors wanting to make a fortune by backing the next Microsoft, Apple or Google. That’s fine — but where fortunes can be made overnight, they can also be lost. And that should worry bondholders, who are supposed to be looking for long term, stable returns.